YEREVAN, May 21. /ARKA/. According to experts, the value of the Sports and Concert Complex in Yerevan is 25.8 billion drams, but the starting price set for the online auction is 19.35 billion drams, the bailiff service told ARKA.

According to the report, the writ of execution from the first instance court of Centre and Nork-Marash districts says the Sports and Concert Complex closed joint stock company has to pay 10,207,755,909.51 drams to the republic of Armenia budget.

On April 15 2014 the bailiff service decided to commission an expert evaluation. Experts assessed the property at 25.8 billion drams, and the bailiff service made a decision on forced sale through an online auction. The starting price is set at 75% of the assessed value, i.e. at 19.35 billion drams.

There are other proceedings for enforcement against the Sports and Concert Complex worth a total of 511,992,968 drams.

Total area of the Complex is 46,335.7 square meters, without additional premises and the swimming pool. There are 95,595.87 square meters of dwelling area in the territory. The lot is a secured property.

The Sports and Concert Complex after Karen Demirchyan was built in 1983. In October 2005, the Complex was sold to BAMO Russian construction holding for $5.7 million. The holding obliged to reconstruct the complex. The reconstruction took almost three years and cost about $42 million.

The Sports and Concert Complex after Demirchyan is considered a masterpiece of the late Soviet architecture. –0—